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Johannesburg - International investment group
Brait S.A. Societe Anonyme on Thursday reported a 6% increase in
attributable earnings to R77m for the six months ended September.
This saw diluted headline earnings per share increase from 68.2 cents to
72.7 cents.
Profit from operations however decreased by 14% to R126m.
The group said earnings were negatively impacted by net R71m
exchange losses arising from the rand strengthening from R9.5 to R7.5 to the
dollar.
An interim dividend distribution of 89.77 cents per share was declared,
little changed from the 89.45 cents declared for the previous comparable
period.
The return on equity for the period was 11% compared with 10% for the
prvious comparable half-year.
Net asset value (NAV) at 1 315 cents per share decreased by 7%, a result
of the exchange losses, translation differences and dividends exceeding
earnings.
Assets under management also decreased by 9% from R9.8bn to
R8.9bn.
However, the group has a strong cash position of R353m
compared to R280m previously, with R214m in cash generated
in the six-month period under review compared to R39m in the
previous comparative half-year.
Brait said it had witnessed an improved operational performance from
both Private Capital and Public Markets, with a strong operating performance
in Private Equity portfolio companies.
Looking ahead, Brait said that certain operating conditions had
presented the group with some challenges, notably a tougher fundraising
environment, but also numerous opportunities, as investors seek solutions
in structured and hedge fund investments, and the ability to purchase
private equity assets at attractive valuations.
"The strong operating performance of the private equity portfolio
companies and improved equity markets should facilitate new inflows into
Brait V and the performance of the products in Public Markets should
facilitate inflows into the relevant products."
"Whilst resumption of normal levels of profitability are not
anticipated in this financial year, the improvements noted above when
matched with the inherent strength of the franchise and the investment teams
is likely to lead to a return to the performance measures in the next
financial year, on the assumption that the conditions in the operating
environment continue to improve," Brait added."
- I-Net Bridge